Silver becomes ₹6,138/kg cheaper in one day:10gm gold prices fall to ₹1.54 lakh

Gold and silver prices have declined on June 5. According to the India Bullion and Jewellers Association (IBJA), one kilogram of silver has fallen by ₹6,138 to ₹2.55 lakh, which was at ₹2.61 lakh on Thursday. Meanwhile, 10 grams of 24-carat gold has decreased by ₹1,896 to ₹1.54 lakh . Earlier on June 4, it was at ₹1.66 lakh. Gold has become ₹18,000 cheaper from all-time high This year, continuous fluctuations are being witnessed in gold and silver prices. Crash in Silver: From ₹3.86 lakh to ₹2.68 lakh Silver witnessed more volatility compared to gold and has fallen sharply from its all-time high. Import duty on gold silver increased from 6% to 15% The central government has increased the duty on import of gold and silver from 6% to 15%. The government’s objective is to reduce foreign purchases and decrease the pressure on the country’s foreign exchange reserves. The government has taken this decision amid the US-Iran war. The government has imposed 10% Basic Custom Duty and 5% Agriculture Infrastructure and Development Cess (AIDC) on gold. Thus the total effective tax has become 15%. Earlier in the 2024 budget, Finance Minister Sitharaman had reduced the import duty from 15% to 6%. Possibility of increase in smuggling due to tax increase Meanwhile, people associated with the industry say that smuggling may increase due to the tax hike. Earlier, when the duty was reduced, there was a decline in smuggling. Surendra Mehta, National Secretary of India Bullion and Jewellers Association, said that the government has taken this step to control the Current Account Deficit. Amid already high prices, this decision may affect demand. Keep these 2 things in mind when buying gold from jewellers 1. Buy Only Certified Gold: Always buy certified gold with the Bureau of Indian Standards (BIS) hallmark. This number can be alphanumeric, something like this – AZ4524. Hallmarking indicates how many carats the gold is. 2. Cross Check the Price: Cross-check the correct weight of gold and its price on the day of purchase from multiple sources (such as the India Bullion and Jewellers Association website). The price of gold varies according to 24 carat, 22 carat and 18 carat. 4 Ways to Identify Real Silver Magnet Test: Real silver does not stick to a magnet. If it sticks, it’s fake. Ice Test: Place ice on silver. Ice melts quickly on real silver. Smell Test: Real silver has no odor. Fake has a copper-like smell. Cloth Test: Rub silver with a white cloth. If a black mark appears, it’s real.